CCSI NEWS: The Klein Law Firm Initiates an Investigation Involving Possible Securities Fraud Violations by Officers of Consensus Cloud Solutions, Inc.

NEW YORK, Aug. 1, 2023 /PRNewswire/ -- The Klein Law Firm announces that it is investigating allegations that Consensus Cloud Solutions, Inc. ("Consensus Cloud Solutions") (NASDAQ: CCSI) violated federal securities laws.

CURRENT INVESTIGATION DETAILS:On February 22, 2023, the company announced that "as a result of the unintentional errors noted [below], the audit committee (the 'Audit Committee') of the board of directors of the Company reached a determination to restate its unaudited financial statements for the three and nine month periods ended September 30, 2022." The "unintentional errors" were "primarily relating to (i) to a legacy accounting practice, inherited from the spin transaction in its SoHo business that grossed up revenue by $1.9 million and $5.3 million for the three and nine month periods ended September 30, 2022, respectively, with a corresponding offset to bad debt expense ('SoHo Error') and (ii) the timing of revenue recognition of $2.2 million and $2.5 million for the three and nine month periods ended September 30, 2022, respectively, which after review, the Company has concluded should be reclassified as deferred revenue ('Deferred Revenue Error')."   Following this news, on February 22, 2023, Consensus Cloud Solution's shares fell by over 21%.

HOW TO PROTECT YOUR FINANCIAL INTERESTS: For additional information about the potential claims on behalf of CCSI investors, please contact J. Klein, Esq. by telephone at 212-616-4899 or click this link: https://www.kleinstocklaw.com/pslra-1/consensus-cloud-solutions-lawsuit-loss-submission-form?id=42787&from=4.

ABOUT KLEIN LAW FIRM
J. Klein, Esq. represents investors and participates in securities litigations involving financial fraud throughout the nation. The Klein Law Firm is a boutique litigation firm with experience in a wide range of areas including securities law, corporate finance and commercial litigation. Since 2011, our experienced attorneys have achieved superior results for our clients with a personalized focus. Attorney advertising. Prior results do not guarantee similar outcomes.

CONTACT:
J. Klein, Esq.
535 Fifth Avenue
4th Floor
New York City, NY 10017
[email protected]
Telephone: (212) 616-4899
www.kleinstocklaw.com

SOURCE The Klein Law Firm

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